There are more staking opportunities than ever before but it can be tough to find the right one. One of them is StellaSwap. This protocol is currently offering impressive yields on certain crypto assets. Here is how to get them.
StellaSwap is the leading decentralized exchange on the Moonbeam platform. It should not be confused with the Stellar Lumens blockchain network and XLM token. Also, Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network. Therefore, in this article, you will discover how you can make 72% APY in StellaSwap.
Get Very High APY with StellaSwap
StellaSwap is offering some serious returns for staking popular cryptocurrencies such as the Cosmos ATOM token. Furthermore, when paired with Circle’s USD Coin stablecoin, staking can yield up to 72% APY.
Stake your $ATOM on @StellaSwap to get healthy #APRs!😍🎉
⭐️ $ATOM – $GLMR: 129%
⭐️ $ATOM – $USDC: 72%Bridge $ATOM from @cosmos: https://t.co/trn7Idn0ix
Stake now: https://t.co/aypwliIBXX#ATOM #Cosmos #Polkadot #Moonbeam pic.twitter.com/9MI7UfTRpO
— StellaSwap (@StellaSwap) March 25, 2022
How to Stake on StellaSwap
In order to stake on the StellaSwap platform, you need to:
1. Bridge the ATOM tokens over from the Cosmos network: This can be done by navigating to the StellaSwap Bridge and selecting ‘Bridge Cosmos’ under the ‘Bridge’ menu item.
2. Your Moonbeam wallet address should be selected in MetaMask: The Source Chain is Cosmoshub and Destination Chain is Moonbeam, the asset should be set to ATOM.
3. Select ‘Connect wallet and Transfer’ and you will be prompted for a signature request which must be signed. The transfer process will begin when the bridge generates a one-time deposit address to send ATOM to.
4. Connect your Cosmos wallet to fill in automatically. Then you can enter the amount of ATOM and click ‘Deposit’ to start the process.
5. Once the tokens have been bridged over to Moonbeam, you can go to the Farm section of the platform. Here you will see the available pools and the one to select is ATOM/USDC. You will need the equivalent in USDC to enter into the liquidity pool with your ATOM tokens.
Note: The ATOM/USDC pool had $1.85 million in total value locked at the time of writing this article. Furthermore, it was reporting an APY of 114% which is much more than originally suggested.
Rewards are paid in STELLA and GLMR tokens, native to the StellaSwap and Moonbeam platforms.
ATOM Price Outlook
The price of the ATOM token was trading down 5.1% in the last 24 hours. As a result, it was trading at $30.79. ATOM is currently down 31% from its January 17 all-time high of $44.45.
Also, STELLA tokens were trading at $2.81 after gaining 5.5% in the last 24 hours with 24-hour trading volume of $1 million.
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